Varta has agreed a new contract with Samsung; Battery manufacturer Varta has agreed a new contract with major customer Samsung, which will fill the order
Varta has agreed a new contract with Samsung
Battery manufacturer Varta has agreed a new contract with major customer Samsung, which will fill the order books of the Ellwanger battery manufacturer in the coming years. This is good news for shareholders.After Varta has settled its patent disputes with technology group Samsung, investors are happy. The company's shares jump 8.2 percent. The course driver is the newly concluded contract with major customer Samsung which will bring supply contracts to the Ellwanger Group in the coming years. Accordingly; Varta remains the main supplier of rechargeable batteries from Samsung headsets.
"We are pleased that we can once again intensify the business relationship with Samsung," said Varta boss Herbert Schein about the new agreement between the two companies. It was not yet clear that a new supply contract would be concluded. Varta had sued Samsung and its customers in Germany and the United States. The accusation: The technology group is said to have installed the button cells of other suppliers in headphones; to which Varta has a patent.
Varta wants to research the next generation of lithium-ion cells
The battery producer has now withdrawn all lawsuits against Samsung and their customers, it said from Ellwangen. "It is very gratifying that we have found this solution together and are now going to be stronger together in the future," said Schein. Agreements with other manufacturers of so-called wearables; such as smartwatches and fitness bracelets; should follow soon.Varta employs around 4,000 people worldwide and specializes in the manufacture of many different batteries; from micro and household batteries to energy storage systems. With financial support from the federal government and the states of Baden-Württemberg and Bavaria; Varta wants to research the next generation of lithium-ion cells. Around 300 million euros are to help build mass production.
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